Chipmaker Marvell Technology (MRVL) late Thursday edged above Wall Street’s targets for its fiscal first quarter and with its outlook. But MRVL stock surged in extended trading after the company called out artificial intelligence as a major growth driver.
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The Santa Clara, Calif.-based company earned an adjusted 31 cents a share on sales of $1.32 billion in the quarter ended April 29. Analysts polled by FactSet had expected earnings of 29 cents a share on sales of $1.3 billion. In the year-earlier period, Marvell earned an adjusted 52 cents a share on sales of $1.45 billion.
Earnings report details to follow.
In after-hours trading on the stock market today, MRVL stock jumped 13.2% to 56. During the regular session Thursday, MRVL stock climbed 7.6% to close at 49.47.
MRVL stock has been approaching a buy point of 49.58 out of a cup base, according to IBD MarketSmith charts.
Marvell makes networking and data storage chips used in cloud computing, automotive, communications and other applications.
Marvell stock ranks 10th out of 37 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. MRVL stock has an IBD Composite Rating of 83 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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